Vietnamese citizens will be allowed to buy foreign currency worth up to
US$1,000 to travel abroad for 10 days, or $100 per day, under a draft circular
of the State Bank of Viet Nam regulating treasuries trading.

The regulation is planned to be effective from July 1.

“I think it is a good move of the central bank after
they shut down FX trading on the black market,” Tran Du Lich, a member of
the National Monetary Policy Advisory Council, said.

“That means people’s foreign currency demands will be
met while the State will hold strict control over the market.”

Individuals have the right to sell foreign currencies at
credit institutions or authorised dealers of credit institutions.

Vietnamese citizens have the right to buy foreign currencies
for hospital treatment, study, business, spending or visiting relatives abroad.

Individuals will be able to buy domestic currencies of their
destination. Where the currencies are not available, they will be allowed to
buy a currency that can be freely converted.

Truong Thu Hien, a Ha Noi-based senior company official who
frequently travels for business, said the amount of cash was reasonable for
personal purposes abroad.

“People can still use credit cards if they want to
spend more than that.”

Also, a foreigner who has an income in Vietnamese dong will
be allowed to buy foreign currency cash.

In April, the SBV was instructed to reduce the maximum
amount of US dollars that an individual could take out of the country without a
customs declaration from $7,000 to $5,000.

Source: VNS